Former Australian billionaire Nathan Tinkler, who’s been battling creditors, sold his shares in Whitehaven Coal Ltd., with Farallon Capital Management LLC paying A$301 million ($285 million) for more than half his stake.

Whitehaven Coal Ltd. said Australian mining magnate Nathan Tinkler scrapped his takeover proposal that valued the company at A$5.3 billion ($5.5 billion), triggering the biggest drop in its shares in more than a year.

Australian mining magnate Nathan Tinkler offered to buy the rest of Whitehaven Coal Ltd. with an offer valuing it at A$5.3 billion ($5.4 billion) after a share plunge since his initial proposal last month.